Negative Equity After A Buyback

[Rocket Man]

Cash advance? 30% APR, at least. Don't miss any payments while everything goes down.

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[moparguy]

(1) Buying yet another new car. I strongly second the opinion that you need to go used this time. Going used was the decision that ended the cycle for my close relative in this exact position.

Buying a used Sonata now will cost you as much as a new one.
I was buying a Camry, Elantra, Sonata hybrids for my dad, makes 0 sense to buy used.

@Ruben Anthony I don't know where you at in this but I know a broker who can save you money on those cars mentioned above, all below msrp.

 

[Ruben Anthony]

Cash advance? 30% APR, at least. Don't miss any payments while everything goes down.

Not worried about it. As soon as the IRS puts out its guidance I can finish my taxes. My projected refund plus the $3,500 will be just enough to pay it back.

 

[rynw]

I know I’m a bit late to the party but does anyone know if GAP insurance ever covers this negative equity?

 

[hybrid2bev]

I know I’m a bit late to the party but does anyone know if GAP insurance ever covers this negative equity?

Gap insurance, or Guaranteed Asset Protection insurance, pays when a vehicle is stolen or totaled and the amount owed on the loan is more than the insurance company pays. A buyback would not count as stolen or totaled.

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